Board Resolution No. 093/2026 Approving the Regulation on Operations with Securities Issued by the General Treasury of the Nation for Fiscal Policy Purposes

BOARD OF DIRECTORS
BOARD RESOLUTION NO. 093/2026
SUBJECT: MONETARY OPERATIONS MANAGEMENT - APPROVING THE REGULATION ON OPERATIONS WITH SECURITIES ISSUED BY THE GENERAL TREASURY OF THE NATION FOR FISCAL POLICY PURPOSES.

HAVING SEEN:
The Political Constitution of the State of February 7, 2009.
Law No. 1670 of October 31, 1995, of the Central Bank of Bolivia (BCB) and its modifications.
The Inter-institutional Agreement signed on January 6, 1999, between the Central Bank of Bolivia and the Ministry of Finance and its modifications.
The Regulation on Operations with Securities Issued by the General Treasury of the Nation for Fiscal Policy Purposes approved by Board Resolution No. 128/2003 of November 11, 2003, and its modifications.
The Regulation on Exchange Operations approved by Board Resolution No. 88/2026 of June 26, 2026.
The Statute of the BCB approved by Board Resolution No. 85/2026 of June 23, 2026.
The report BCB-GOM-SOMA-DACOMA-INF-2026-12 of June 29, 2026, issued by the Monetary Operations Management (GOM).
The report BCB-GAL-SANO-DLBCI-INF-2026-162 of June 29, 2026, issued by the Legal Affairs Management (GAL).

CONSIDERING:
That the Political Constitution of the State in its article 327 determines that the BCB has the function of maintaining the stability of the internal purchasing power of the currency to contribute to economic and social development. In its article 328, it states that the BCB, in coordination with the economic policy determined by the Executive Branch, in addition to those indicated by Law, has among its attributions the execution of exchange policy.

That Law No. 1670 in its article 1 establishes that the BCB is a State institution, of public law, of an autarkic nature, of indefinite duration, with legal personality and its own assets. It is the sole monetary and exchange authority of the country, with administrative, technical, and financial competence and specialized regulatory powers of general application.

That article 19 of the aforementioned Law provides that the BCB will establish the exchange regime and execute exchange policy, regulating the conversion of the Boliviano in relation to the currencies of other countries and the procedures to determine the exchange rates of the national currency.

That subsection e) of article 29 and article 87 of Law No. 1670 provide that the BCB will exercise the functions as Financial Agent of the Government, participating in the issuance, placement, and administration of public debt titles, and that in its capacity as Financial Agent of the Government, the BCB may carry out, under the conditions determined by its Board, the deposit, custody, registration, administration, transaction, compensation, and settlement of securities issued, guaranteed, or administered by the BCB and by the General Treasury of the Nation.

That articles 44 and subsections a), o), and q) of article 54 of Law No. 1670 establish that the highest authority of the BCB is its Board of Directors, which is responsible for defining its policies, specialized regulations of general application, and internal rules; and that it has the attributions to issue the rules and adopt the general decisions that may be necessary for the BCB to fulfill the functions, competencies, and powers assigned to it by Law, to approve, modify, and interpret the Statute and Regulations of the BCB, by two-thirds of the votes of all its members, without the need for any additional administrative act; and those others indicated by this Law and those necessary for the fulfillment of its functions.

That the Inter-institutional Agreement signed between the BCB and the Ministry of Finance (currently the Ministry of Economy and Public Finances) and its modifications, establishes the administrative guidelines for the operations of issuance, placement, administration, and redemption of the titles of the General Treasury of the Nation and determines the guidelines for the dematerialized issuance of securities and for the dematerialization of public titles issued under the framework of said Agreement, through the Bolivian Securities Depository Entity S.A.

That the Regulation on Operations with Securities Issued by the General Treasury of the Nation for Fiscal Policy Purposes has the object of determining the conditions for the auction, allocation, redemption, administration, and control of operations with securities issued by the General Treasury of the Nation (TGN) with fiscal policy objectives.

That paragraphs I and IV of article 5 of the Exchange Operations Regulation establish that the Official Exchange Rate (TCO) will be determined daily as the result of the weighted average of the purchase exchange operations carried out by the Multiple Banks, the SME Banks, and the Public Bank with their clients. The TCO will be the reference for the exchange operations carried out by economic agents and the general public.

That subsections 1), 2), 17), 22), and 51) of article 11 of the BCB Statute provide that the Board of Directors has the attribution to approve general decisions and issue the rules that may be necessary for the BCB to fulfill the functions, competencies, and powers assigned to it by Law, to define the BCB's policies, specialized regulations of general application, and internal rules, to approve the regulation of the services provided by the BCB in its capacity as financial agent of the Government, to approve, modify, and interpret the Statute and Regulations of the BCB, by two-thirds of the votes of all its members, without the need for an additional administrative act, and other attributions necessary for the fulfillment of its functions.

That through report BCB-GOM-SOMA-DACOMA-INF-2026-12, the GOM concludes that for the current management period, maturities of TGN titles denominated in MVDOL are scheduled, so it is necessary to issue a new Regulation on Operations with Securities Issued by the General Treasury of the Nation for Fiscal Policy Purposes, in order to ensure the continuity of payments corresponding to said maturities, which the BCB carries out at the request and on behalf and charge of the TGN.

That through report BCB-GAL-SANO-DLBCI-INF-2026-162, the GAL concludes that the proposal for the Regulation on Operations with Securities Issued by the General Treasury of the Nation for Fiscal Policy Purposes and to repeal the regulation approved by Board Resolution No. 128/2003 is legally viable as it does not violate the current legal framework, so it corresponds to the Board of Directors of the BCB to approve it in accordance with what is established in article 54 subsections a), o), and q) of Law No. 1670 and article 11 subsections 1), 2), 17), 22), and 51) of the BCB Statute.

THEREFORE,
THE BOARD OF DIRECTORS OF THE CENTRAL BANK OF BOLIVIA RESOLVES:

Article 1.- Approve the Regulation on Operations with Securities Issued by the General Treasury of the Nation for Fiscal Policy Purposes in its six (6) chapters and thirty-six (36) articles, which form an integral part of this Resolution as an Annex.

Article 2.- This Resolution will enter into force from its publication in the BCB's communication media.

Article 3.- From the entry into force of this Resolution, the Regulation on Operations with Securities Issued by the General Treasury of the Nation for Fiscal Policy Purposes, approved by Board Resolution No. 128/2003 of November 11, 2003, and its modifications, is hereby repealed.

Article 4.- The Presidency and the General Management are charged with the execution and compliance of this Resolution.

La Paz, June 29, 2026
SIGNED: DAVID IVÁN ESPINOZA TORRICO, Claudia Haydee Pacheco Ayala, Dennise Sussan Martin Alarcón, Walter Fernando Orellana Rocha, Alvaro Alfonso Romero Villavicencio.

ANNEX
REGULATION ON OPERATIONS WITH SECURITIES ISSUED BY THE GENERAL TREASURY OF THE NATION FOR FISCAL POLICY PURPOSES

CHAPTER I
GENERAL PROVISIONS

Article 1.- (Object) This Regulation has the object of determining the conditions for the auction, allocation, redemption, administration, and control of operations with securities issued by the General Treasury of the Nation (TGN) with fiscal policy objectives.

Article 2.- (Administration) The Central Bank of Bolivia (BCB), in its capacity as Financial Agent of the Government, administers the auctions, allocations, redemptions, and other operations with securities issued by the TGN, at the request and on behalf and charge of the TGN. It may authorize the contracting of a Securities Depository Entity (EDV) in order to carry out operations with securities represented by book entries.

Article 3.- (Characteristics of Securities) The characteristics of the securities issued by the TGN will be defined by it. These securities may be allocated through Public Auction, Money Desk, or other mechanism authorized by the Inter-institutional Council established in the following article 6.

Article 4.- (Issuance Currency) The securities, which may be indexed, will be issued by the TGN in national currency or in United States dollars.

Article 5.- (Registration) For public offering, the securities issued by the TGN will be registered in the Registry of the Securities Market of the Financial System Supervision Authority (ASFI).

CHAPTER II
TREASURY SECURITIES ADMINISTRATION COUNCIL

Article 6.- (Object of CAVT) The Treasury Securities Administration Council (CAVT), composed of representatives from the BCB and the Ministry of Economy and Public Finances (MEFP), is the inter-institutional body responsible for establishing the policy and conditions of operations with securities issued by the TGN, with fiscal policy objectives, which are administered by the BCB.

Article 7.- (Organization) The CAVT is composed as follows:
Representatives of the BCB:

• The President of the BCB, who presides over meetings or, by delegation or designation, a Director or an Area Manager of the BCB.
• The Monetary Operations Manager of the BCB.
• The Economic Policy Advisor of the BCB.
• The Deputy Manager of Open Market Operations of the BCB, with voice but no vote, who acts as Secretary.
• The Directors of the BCB may participate in the CAVT in an informative capacity.
  Representatives of the MEFP:
• The Undersecretary of Public Treasury and Credit or their designated representative.
• The General Director of Public Credit of the TGN or their designated representative.
• The Head of the Sustainable Public Debt Unit of the General Director of Public Credit, with voice but no vote.

Article 8.- (Attributions) The CAVT has the following attributions:
a) Ensure compliance with this Regulation. b) Determine the dates of the auctions. c) Define the form of issuance, quantities offered by currency and term, and, when applicable, frequency of issuances. d) Reject bids, when it considers the rate too high or, alternatively, the price too low. e) Declare the auction totally or partially void, in the following cases:

• When no bids are presented.
• When none of the bids meet the requirements established in this Regulation.
  f) Resolve situations not contemplated in this Regulation. g) Propose to the MEFP and the Board of Directors of the BCB, amendments and/or modifications to the current provisions in this matter. h) Authorize the Executive Body established in the following article 14, when applicable, to send the information of the dematerialized issuance of securities to the competent entity, for registration in the book entry system.

Article 9.- (Sessions) The CAVT will define the periodicity of its ordinary sessions. This decision will be communicated to the Board of Directors. The President may convene extraordinary sessions when deemed necessary.

Article 10.- (Quorum) The quorum will be established with four of its members with voice and vote, of which one must necessarily be a representative of the MEFP.

Article 11.- (Resolutions) The resolutions of the CAVT will be taken by a simple majority of votes of the members present at the session. In case of a tie, the President of the Council will have the casting vote.

Article 12.- (Minutes) The Secretary will draw up Minutes of each of the CAVT sessions, which will be approved in the next session.

Article 13.- (Activity Report) The President of the Council will keep the Board of Directors of the BCB informed about the development of the CAVT's activities. The representatives of the MEFP will report on securities operations to the authorities of the MEFP.

Article 14.- (Executive Body) The Monetary Operations Management of the BCB (GOM) will be responsible for carrying out all operations related to the Public Auction process, in the Money Desk, and other operations with securities authorized by the CAVT. The GOM, when applicable, is responsible for carrying out the control and supervision of operations carried out through the EDV.

CHAPTER III
PUBLIC AUCTION

Article 15.- (Call for Bids) The auctions will be held at the BCB, after public call at least one (1) business day before their realization, in one or more written communication media, without prejudice to the use of other means or mechanisms authorized by the CAVT.

Article 16.- (Authorized Agents) All financial entities with a license of operation granted by the ASFI or by the Supervision and Control Authority for Pensions and Insurance may participate in the auctions, prior authorization from the CAVT, and that meet the requirements established in the Open Market Operations Regulation and those defined in this Regulation. Private individuals and non-financial entities of the private sector may participate in the Treasury Securities auctions through the financial entities authorized by the CAVT.

Article 17.- (Application) The application for participation in the auction must specify the legal name of the applicant, number of bids, and for each of them, as applicable, rate or price, quantity of securities, currency, form of payment, term of the security, as well as other additional data according to the call.
The application will be presented at the BCB up to fifteen (15) minutes before the time fixed for the opening of the auction session in one of the following forms:
a) In a closed envelope, with signatures of its legal representatives duly registered in the Deputy Manager of Open Market Operations (SOMA) dependent on the GOM. b) Through electronic means authorized by the Open Market Operations Committee (COMA) of the BCB. c) Any other means accepted by the CAVT. The SOMA will certify the time of receipt of the applications.

Article 18.- (Provision of Funds) To participate in the auction, authorized entities must effect the provision of funds in one of the following forms:
a) Through written or electronic communication to the BCB authorizing the debit of their current and reserve accounts, for their own operations or in favor of other authorized financial entities. This authorization may be of indefinite character. b) Through a deposit equivalent to 2% of the nominal value of the securities demanded in the "Diverse Creditors - Open Market" account. This deposit for foreign currency titles can only be made by electronic transfer or check, and for the case of national currency titles by electronic transfer, check, or cash deposit in national currency.

Article 19.- (Acceptance of Terms and Conditions) With the presentation of the written or electronic application, the applicant submits to the terms of this Regulation and to those of the call, not being able to withdraw their application after the deadline mentioned in the previous article 17.

Article 20.- (Reading of Bids) In the public auction session, the number of applications and bids received, as well as their characteristics, will be announced, without specifying the legal name of the applicants.

Article 21.- (Grounds for Rejection) The following are grounds for rejection of applications:
a) Lack of provision of funds. b) If the application contains incomplete or incorrect information regarding what is established in this Regulation and the conditions defined in the public call. c) Delivery of the application outside the established schedule.

CHAPTER IV
ALLOCATION AND SALE AT AUCTION

Article 22.- (Allocation) The allocation of Treasury Securities in public auction may be carried out: 1) on explicit prices or rates proposed by the participants and 2) through proposals adhering to the prices or rates resulting from the auction.
a) In the first modality, the CAVT will allocate the Treasury Securities to the best proposals, in descending order of price or ascending in terms of discount rate or yield.
At the moment of carrying out the allocation, the CAVT may reject bids with prices lower or rates higher than their reference levels.
If there is equality of prices, discount rates, or yields between bids at the margin, the securities will be allocated by the pro-rata system when applicable.
If at the margin the quantity demanded in a single bid were higher than the remaining available offer under this modality, only that remainder will be allocated. b) In the second modality, the CAVT will define the maximum offer and will carry out the allocation of the Treasury Securities to the participating entities at the average price or rate obtained in the modality described in subsection a) of this article. The amount offered through this modality will be at most 50% of the total amount in each currency and term. If the total demand for Treasury Securities in this modality were higher than the available offer, the CAVT will carry out the allocation of them by pro-rata, up to the limit of the available amount. If there were no allocations in the first modality, and therefore it would not be possible to determine an average allocation price or rate, the CAVT will not carry out assignment of Treasury Titles under this second modality. The allocation of Treasury Securities may be carried out under other modalities proposed by the CAVT with the approval of the Monetary and Exchange Policy Committee.

Article 23.- (Issuance Preference) The MEFP will take in its favor, totally or partially, the bids not rejected in the auction and will have preference in the definition of the issuance requirements of securities for the next auction.

Article 24.- (Effective Sale) The sale will be effective 48 hours after the allocation at auction or in another period defined by the CAVT. Within this period, the adjudicataire must ensure the existence of sufficient funds in one of the accounts mentioned in the previous article 18.

Article 25.- (Sanctions) If on the day of the sale, the adjudicataire does not have sufficient resources to make the payment of the securities issued for fiscal policy purposes, the BCB will consolidate in favor of the TGN, as a fine, 2% of the nominal value of the same, without prejudice to other sanctions that the CAVT may determine.

Article 26.- (Publication) The GOM will publish the results of the auction, without specifying the legal name of the adjudicataires.

Article 27.- (Commercial Year) The calculation of rates and prices will be carried out taking as a base the commercial year of 360 days.

CHAPTER V
ISSUANCE, REGISTRATION, AND CUSTODY

Article 28.- (Issuance of Securities) The BCB, on behalf of the TGN, will issue a security for each sale carried out through auction, Money Desk, and other mechanism authorized by the CAVT, with the characteristics and security requirements that back the issuance.
The buyer, in the case of paper issuances, must pay the cost of replacement of forms and custody that are established in the Table of Commissions and Other Incomes of the BCB.

Article 29.- (Registration and Custody) The BCB will electronically register the name of the buyer of the securities and all definitive purchase and sale operations of the same, independently of the records of securities represented by book entries under the responsibility of the EDV, whose ownership information, for the pertinent legal effects, will prevail over that recorded in the BCB's registry.
It is mandatory to communicate to the SOMA, in writing or by another means authorized by the COMA, the definitive purchase and sale operations of the securities in the secondary market. In case this communication does not exist, the transfer of ownership of the paper securities cannot be registered in the BCB and will lack validity for its holder until the omission of registration is remedied. Additionally, the BCB may be custodian, in physical or electronic register, of the issued securities. The BCB may also register repo operations carried out between agents.

Article 30.- (Exchange Rate) Operations in national currency indexed to the United States dollar will be carried out at the Official Exchange Rate (TCO) of the Boliviano in relation to the US dollar of the BCB in force on the date.

Article 31.- (Fractionation of Paper Securities) The securities issued by the TGN may be fractionated according to the modalities defined by the CAVT and the costs stipulated in the Table of Commissions and Other Incomes of the BCB, respecting the characteristics and conditions of the original issuance.

CHAPTER VI
REPLACEMENT, REVERSION, REDEMPTION, AND PRESCRIPTION

Article 32.- (Replacement of Paper Securities) In case of loss or misplacement of the allocated securities, their replacement will proceed according to the norms established in the Commercial Code.

Article 33.- (Reversion of Securities) The securities represented by book entries allocated are subject to reversion to their paper expression, solely to enable their negotiation in international markets, according to the current applicable regulation for this effect.

Article 34.- (Redemption) The public securities issued by the TGN and, when applicable, their respective coupons will be redeemed by the BCB, on behalf and charge of the TGN on the maturity dates, after verification of the ownership of the holder with the records of the BCB or with those of the EDV and, if necessary, prior presentation of the security. The CAVT may determine the modalities and conditions of early redemption and conversion of the current securities.
Additionally, the BCB may request the verification of the public securities with the records of the TGN. No interest will be recognized after the maturity date nor will automatic renewal of them be accepted.
If the maturity of the paper security or coupon coincides with a non-working day, these may be redeemed on the previous working day at curve price at the request of the holder. The dematerialized securities and coupons may be redeemed at the average curve price of the corresponding series. The initial buyer will always be the BCB, with the option of repurchase by the TGN based on its availability.

Article 35.- (Prescription) The actions for the collection of the issued securities prescribe in favor of the State within a period of ten years from the date of...